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{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy1\hr18\min50}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(1)}\cell \pard\intbl\qc {(2)}\cell \pard\intbl\qc {(3)}\cell \pard\intbl\qc {(4)}\cell \pard\intbl\qc {(5)}\cell \pard\intbl\qc {(6)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP_acf}\cell \pard\intbl\qc {TFP_acf}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {IM_dep}\cell \pard\intbl\qc {0.019{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(27.25)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage}\cell \pard\intbl\qc {0.087{\super ***}}\cell \pard\intbl\qc {0.088{\super ***}}\cell \pard\intbl\qc {0.024{\super ***}}\cell \pard\intbl\qc {0.024{\super ***}}\cell \pard\intbl\qc {0.087{\super ***}}\cell \pard\intbl\qc {0.088{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(50.05)}\cell \pard\intbl\qc {(50.49)}\cell \pard\intbl\qc {(13.39)}\cell \pard\intbl\qc {(13.44)}\cell \pard\intbl\qc {(17.40)}\cell \pard\intbl\qc {(17.42)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {-0.021{\super ***}}\cell \pard\intbl\qc {-0.022{\super ***}}\cell \pard\intbl\qc {-0.007{\super ***}}\cell \pard\intbl\qc {-0.007{\super ***}}\cell \pard\intbl\qc {-0.021{\super ***}}\cell \pard\intbl\qc {-0.021{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-46.22)}\cell \pard\intbl\qc {(-46.76)}\cell \pard\intbl\qc {(-13.83)}\cell \pard\intbl\qc {(-13.90)}\cell \pard\intbl\qc {(-21.79)}\cell \pard\intbl\qc {(-21.82)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {-0.011{\super ***}}\cell \pard\intbl\qc {-0.011{\super ***}}\cell \pard\intbl\qc {-0.061{\super ***}}\cell \pard\intbl\qc {-0.061{\super ***}}\cell \pard\intbl\qc {-0.011{\super ***}}\cell \pard\intbl\qc {-0.011{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-16.54)}\cell \pard\intbl\qc {(-16.45)}\cell \pard\intbl\qc {(-85.29)}\cell \pard\intbl\qc {(-85.35)}\cell \pard\intbl\qc {(-4.83)}\cell \pard\intbl\qc {(-4.86)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(15.24)}\cell \pard\intbl\qc {(15.99)}\cell \pard\intbl\qc {(6.18)}\cell \pard\intbl\qc {(6.33)}\cell \pard\intbl\qc {(10.68)}\cell \pard\intbl\qc {(10.69)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {0.031{\super ***}}\cell \pard\intbl\qc {0.030{\super ***}}\cell \pard\intbl\qc {-0.016{\super ***}}\cell \pard\intbl\qc {-0.016{\super ***}}\cell \pard\intbl\qc {0.031{\super ***}}\cell \pard\intbl\qc {0.031{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(8.89)}\cell \pard\intbl\qc {(8.78)}\cell \pard\intbl\qc {(-4.43)}\cell \pard\intbl\qc {(-4.47)}\cell \pard\intbl\qc {(3.35)}\cell \pard\intbl\qc {(3.34)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {-0.005}\cell \pard\intbl\qc {-0.008{\super **}}\cell \pard\intbl\qc {0.013{\super ***}}\cell \pard\intbl\qc {0.012{\super ***}}\cell \pard\intbl\qc {-0.006}\cell \pard\intbl\qc {-0.007}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-1.61)}\cell \pard\intbl\qc {(-2.24)}\cell \pard\intbl\qc {(3.55)}\cell \pard\intbl\qc {(3.45)}\cell \pard\intbl\qc {(-0.83)}\cell \pard\intbl\qc {(-0.89)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {0.021{\super ***}}\cell \pard\intbl\qc {0.022{\super ***}}\cell \pard\intbl\qc {-0.010{\super ***}}\cell \pard\intbl\qc {-0.010{\super ***}}\cell \pard\intbl\qc {0.022{\super **}}\cell \pard\intbl\qc {0.022{\super **}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(9.11)}\cell \pard\intbl\qc {(9.67)}\cell \pard\intbl\qc {(-4.38)}\cell \pard\intbl\qc {(-4.34)}\cell \pard\intbl\qc {(2.29)}\cell \pard\intbl\qc {(2.31)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {cpi}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(8.12)}\cell \pard\intbl\qc {(8.39)}\cell \pard\intbl\qc {(7.77)}\cell \pard\intbl\qc {(7.79)}\cell \pard\intbl\qc {(3.95)}\cell \pard\intbl\qc {(3.96)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {HHI}\cell \pard\intbl\qc {0.014}\cell \pard\intbl\qc {0.016}\cell \pard\intbl\qc {0.041{\super *}}\cell \pard\intbl\qc {0.042{\super *}}\cell \pard\intbl\qc {0.014}\cell \pard\intbl\qc {0.015}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(0.64)}\cell \pard\intbl\qc {(0.76)}\cell \pard\intbl\qc {(1.78)}\cell \pard\intbl\qc {(1.81)}\cell \pard\intbl\qc {(0.19)}\cell \pard\intbl\qc {(0.20)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {2.974{\super ***}}\cell \pard\intbl\qc {2.836{\super ***}}\cell \pard\intbl\qc {5.686{\super ***}}\cell \pard\intbl\qc {5.648{\super ***}}\cell \pard\intbl\qc {2.926}\cell \pard\intbl\qc {2.882}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(21.43)}\cell \pard\intbl\qc {(20.42)}\cell \pard\intbl\qc {(38.90)}\cell \pard\intbl\qc {(38.63)}\cell \pard\intbl\qc {(1.10)}\cell \pard\intbl\qc {(1.08)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {0.023{\super ***}}\cell \pard\intbl\qc {0.019{\super ***}}\cell \pard\intbl\qc {-0.039{\super ***}}\cell \pard\intbl\qc {-0.041{\super ***}}\cell \pard\intbl\qc {0.022}\cell \pard\intbl\qc {0.020}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(4.35)}\cell \pard\intbl\qc {(3.50)}\cell \pard\intbl\qc {(-6.49)}\cell \pard\intbl\qc {(-6.70)}\cell \pard\intbl\qc {(0.43)}\cell \pard\intbl\qc {(0.41)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {0.028{\super ***}}\cell \pard\intbl\qc {0.024{\super ***}}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.001}\cell \pard\intbl\qc {0.027}\cell \pard\intbl\qc {0.026}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(6.27)}\cell \pard\intbl\qc {(5.42)}\cell \pard\intbl\qc {(-0.00)}\cell \pard\intbl\qc {(-0.21)}\cell \pard\intbl\qc {(0.80)}\cell \pard\intbl\qc {(0.77)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Intensive_dep}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.017{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(26.03)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Extensive_dep}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.014{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(16.21)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.022{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.020{\super ***}}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(32.10)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(7.52)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.019{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.019{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(24.77)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(8.43)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.018{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.016{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(17.56)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(4.42)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {_cons}\cell \pard\intbl\qc {0.959{\super ***}}\cell \pard\intbl\qc {0.965{\super ***}}\cell \pard\intbl\qc {1.194{\super ***}}\cell \pard\intbl\qc {1.198{\super ***}}\cell \pard\intbl\qc {0.956{\super ***}}\cell \pard\intbl\qc {0.961{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(16.50)}\cell \pard\intbl\qc {(16.60)}\cell \pard\intbl\qc {(19.80)}\cell \pard\intbl\qc {(19.87)}\cell \pard\intbl\qc {(5.33)}\cell \pard\intbl\qc {(5.36)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2434525}\cell \pard\intbl\qc {2434525}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {0.767}\cell \pard\intbl\qc {0.767}\cell \pard\intbl\qc {0.675}\cell \pard\intbl\qc {0.675}\cell \pard\intbl\qc {0.767}\cell \pard\intbl\qc {0.767}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
